Meat and its products, rich in protein, are one of the important potential sources of antioxidant peptides. However, reviews on the generation and application of meat-derived antioxidant peptides are still limited. To understand the research and application progress of meat-derived antioxidant peptides, the main formation pathways and their commercial applications are exhibited, the research methods for the isolation, purification, and identification are summarized, and the influencing factors, evaluation methods, and intestinal absorption pathways are presented in this work. It is summarized that limited degradation by exogenous and endogenous enzymatic hydrolysis is the main pathway for the production of animal-derived antioxidant peptides. Traditional separation, purification, and identification techniques are also applicable to animal-derived antioxidant peptides. The formation of animal-derived antioxidant peptides is affected by many factors, and the intestinal absorption pathways of antioxidant peptides are different. Finally, insufficient and future development directions are provided.